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. >> i believe we ought to make the tax cuts for the middle class permanent. >> we have now got both parties essentially telling a big lie, with a capital "b" and a capital "l," to the public. >> cut taxes. >> cutting taxes. >> make the tax cuts permanent. >> the republican party, as much as it pains me to say this, should be ashamed of themselves. >> this from ronald reagan's old budget director, architect of the largest tax cut in american history? >> it's rank demagoguery. we should call it for what it is. >> welcome to 60 minutes on cnbc. i'm morley safer. in this edition, we look at two of the topics dominating the american economic landscape: jobs and taxes. first, we meet with president obama's so-called jobs czar. then we visit a struggling town in the heartland. and finally, we take a look at a controversial income tax initiative in washington state. in the first decade of the 21st century, big american firms cut around 3 million jobs in the u.s., while adding almost as many overseas. no company went global more aggressively than general electric, the conglomerate that makes
you later on in the show and tonight's vice presidential debate, the tax discussion will be a key issue, the so-called $5 trillion tax cut for rich people. now, take a listen to former senator alan simpson in an exclusive interview only on cnbc today. >> you have a situation where grover norquist has obtained this pledge in the '80s, in the early '90s, he got this pledge that you wouldn't raise taxes under any circumstances unless they are commensurate with spending cuts and those guys are enthralled to him. >> best way to take that on is to reform the tax code, to broaden the base and simplify the code, to wipe out these tax expenditures and use that money to reduce rates. >> well, all right. lo looks like bowles supports the grover norquist idea which is the romney idea. sounds like simpson, as usual, is being very crotchety. let's get to the two guests to get to the hoe-down. dean baker from the center for economic and policy research and the aforementioned grover norquist, president of americans for tax freedom. first of all, grover, what is alan simpson talking about? >> well
, my old pal, art laffer, is going to blast obama and tell you why mitt romney's tax reform is pro-growth and it will not cost anything like $5 trillion. >>> plus, did president obama, hillary clinton and susan rice lie about the 9/11 benghazian attack? the latest sworn congressional testimony sure makes it sound that way. >>> first up tonight, let's do some stock investigation. fourth day of losses across the board. dow dropped 129 points. is the tepid earnings season to blame or are you guys missing a political revolution which will surround the economy? let's talk. we have mike holland, david goldman and michael farr. michael, i don't care about third-quarter earnings. that is so yesterday's news. i can't stand it. that is just so yesterday's news. it's boring. it's nothing. maybe the guidance has something to say. but the economy is not in bad shape. the economy is not in bad recessionary shape and a political revolution is coming and i want to get your take. after you get through taking profits, michael, what happens next? do you buy them back? >> i think you do a little bit,
potentially from higher taxes and indeed reduced government spending. >> rick santelli, you heard that whole list of reasons. is that why we saw this ten-year auction today? people gobbling up ten-year government debt at these extremely low yields because they think they're not going to get much better elsewhere? sounds like people don't think there's a lot of growth coming. >> i think there's a little bit of truth in all of it. i'll bring up another point. i think october, a lot of mutual funds ahave the end of their fiscal year. it's been a good run for stocks. the spread between what the stock market is telling us and the economy is pretty wide. the election, depending how it turns out, could have a lot of implications. to me, it makes perfect sense the closer we get to the end of the year, the closer we get to november, people are going to be lightening up. it all makes sense. >> yeah, and mandy, you were highlighting earlier oil is lower, gold is lower. a lot of the base materials have been suffering as well today. >> yeah, that's absolutely true. you know, i think what's also interesti
taxes for the middle class. and in addition to that, when that occurred, what did romney do? romney said no, let detroit go bankrupt. we moved in and helped people refinance their homes. governor romney said no, let foreclosures hit the bottom. it shouldn't be surprising for a guy who says 47% of the american people are unwilling to take responsibility for their own lives. my friend recently in his speech in washington said 30% of the american people are takers. these people are my mom and dad, the people i grew up with, my neighbors. they pay had more effective tax than governor romney pays in his federal income tax. they are elderly people who, in fact, are living off of social security, veterans and people fighting in afghanistan right now who are, quote, not paying any taxes. i've lad it up to here with this notion that 47% -- it's about time they take some responsibility here. and instead of signing pledges to grover norquist not to ask the wealthiest among us to contribute to bring back the middle class, they should be signing a pledge saying to the middle class, we're going to lev
another tape and we'll switch subjects over to one of my favorites, taxes, listen to what paul ryan said last night, debating taxes. >> there are enough rich people and small businesses to tax and to pay for all their spending and so the next time you hear them say don't worry about it we'll get a few wealthy people to pay their fair share, watch the middle class, the tax bill is coming to you. >> jimmy you had two clear opposites last night. you had ryan defending romney's tax reform plan which lowers marginal rates and puts a strict spending cap on deductions or you had joe biden who proudly was proclaiming who wants to raise taxes by $1 trillion on the rich. how does this play out, jimmy in the next two debates and the remainder of the campaign? >> finally, i'm delighted that someone in this case as paul ryan pointed out that even though the president's been talking about this fantasy, bib lechal middle class tax right that romney and ryan has upon the american people it's the obama plan that has the tax hike in it because there's no way you can pay for all of the spending this admini
it was hard to kind of discern -- on medicare, on the tax, i thought biden did a great job on raising the question how do you pay for it, give us something. >> i walked away from that with a little less understanding of what both of them were talking about. i was a little more confused. >> i understand, but if you were someone who came in -- if you were completely confused by the first debate, trying to figure out what's different about these two party, don't you think after last night -- >> i feel like they went back to talking point, but i didn't get anymore -- >> you're making the point we had no wrd what tidea what the s are. it took biden? the guy running the country should have been making -- >> you'll hear it in the next debate. part of his job was to make those distunkss. >> we did think about putting me while you were talking in a box next to you and i was going to do all these weird is expressions. but we didn't do it because we respect you. >> thank you for not. >> mr. wewe -- i won't come it. >> very wise of you. no, i won't do it. >> thank you for being up early with us.
boil. billionaires getting big tax breaks for buying up swanky condos in new york. swanky franky. robert frank on the story. >> very swanky. the tax breaks are amazing. the question everyone will be asking -- do billionaires pay $90 million for an apartment really need a tax break? a tax break aimed at low income folks? we'll dive into that issue next on "power lunch." [ male announcer ] what if you had thermal night-vision goggles, like in a special ops mission? you'd spot movement, gather intelligence with minimal collateral damage. but rather than neutralizing enemies in their sleep, you'd be targeting stocks to trade. well, that's what trade architect's heat maps do. they make you a trading assassin. trade architect. td ameritrade's empowering web-based trading platform. trade commission-free for 60 days, and we'll throw in up to $600 when you open an account. a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million people while
. >> joe biden and paul ryan turn up the heat. trading blows oefrg from foreign policy to jobs and taxes. >> it shouldn't be surprising for a guy who says 47% of the american people are unwilling to take responsibility for their own lives. >> romney's a good man. he cares about 100% of americans in this country. >> oecd chief tells cnbc spain's prime minister isn't asking because there's a real fear leaders would possibly say no. >>> and investors hang up on japanese. it may be too costly. >> plus jpmorgan and wells fargo are set to report third quarter results. >>> this is the last trading day of the week here. and we have the i-8 report out that sees pricing easing. they have lowered their growth forecast, though. and it says iran exports hit a new low in september. so there's obviously a bit of a difference between what's going on in the short term forecast and the longer term, as well. so they're looking at annual supply growth of #.5 million barrels a day, average oil demand growth of 1.1 million a day. so over the next five years, sluggish economy will slow oil demand growth and mo
every day. >> if i was paris, the whole conversation was about carbon taxes and what's really going to happen. what do you expect will happen? >> i think in this country the likelihood of a carbon tax anytime soon is not there. >> we'll wait for china and india. >> clearly over the next five years or possibly ten years there will be no appetite here for that, but given what -- i'm telling you, the view is a complete -- >> their energy policy is primarily a climate policy. >> you don't even need -- it's not co2, andrew, we'll know within five years. >> some people say it doesn't work. >> i have six chapters on that subject in "the quest." so i think dealing with carbon, the carbon has gone up. >> 400 parts per million. >> that's right. >> that means there's 9.9 -- 999,999.99999999 carbon dioxide. chill. it's eight-tenths. >> i'm chilling. i'm just telling you. >> that's the problem, we're not chilling, we're heating. >> dan thank you for being here. >> thank you. >> we have to put this on our bookshelf so we need a signed copy. >> let me just say thank you, i'm honored to have this a
of long-term measures to bring entitlements, spending and taxes into a better place is the right solution. and would create enormous confidence in the xhi. now i don't think people think it is an immediate risk. of course it is an end-of-year risk but these cuts and tax increases all have to happen immediately, but i think that a widespread agreement that a simpler, more straightforward budgeting process for the country would have enormous benefits over the next decade. >> thank you both very much. neil, we'll circle back to you later in the hour. >>> the street making an important call on walmart today but is it the right call? we're going to analyze the analysts coming up. >>> plus, finally some good news for europe. the european union getting the nobel peace prize. yes, you heard it correctly. but who should get the money? the greeks? germany? ms. merkel? we know it wasn't awarded for economics. >>> here's a look at the biggest gainers on the nyse with the market down just slightly. we have the ipo of the day. workday which is traded right behind me here at nyse, up 73% at $48.66. you.
in '85. >> well, look aat athe job -- >> thank ronald reagan. >> absolutely. that's why romney's tax plan is want plan we need. lower rates broaden the base. it worked in '86, '87, '88. worked in '81 and '82. let's pause there for a second. >> thanks for the lead-in about reagan. >> romney has victory in the deba debate. every single poll shows he's picked up 5, 6, 7 points. some of these local battleground states picked up 8, 9 points. is does that change your stock market outlook from bear to bull? >> you get rid of obama care and 3.8% tax on investment income and get the tax on medical device makers, larry. >> i will bet you $20 right now. i'll make a romney $10,000 bet that obama care is not repealed. >> i'll bet you it will be repealed, but i'll buy a gift for your new daughter. >> thank you. >> if romney wins, which was not expected a week ago but is now more expected, if he wins what is the stock market impact? is it greater than earnings and the federal reserve? how do you assess a romney victory? >> what becomes important is the effect on capital gains and dividend taxes. we as i
resorts. he said if obama wins, they could all lose their jobs, quote, if any new taxes are levied on me or my company, as our current president plans, i will have no choice but to downside. you can find me in the caribbean sitting on a beach with no employees to worry about. what makes this e-mail so provocative is its author, david siegel. he's the man best known for building the largest home in america. he and his wife jackie built a 90,000-square palace just outside of orlando. he said it's about his workers. they would be the big losers if obama gets another four years. he told me he wasn't threatening his workers or even telling them how to vote, just to educate them before they pull that lever in 27 days. bill. >> robert, thank you. >> don't move, robert. we're going to bring in the ceo who actually wrote the letter. westgate resorts david siegel joins us now on the phone. also joining us is carly fior a fiorina, who sat at the top of hewlett-packard. we're going to get her reaction in a minute. first to you, mr. siegel. what has been the reaction inside your company from your em
that on is to reform the tax code, broaden the base, simplify the code, wipe out these tax expenditures and use that money to reduce rates, to encourage growth, and also to bring down the deficit. that's really attacked these entitlement problems. slow the rate of health care. make social security sustainably solvent. we can't afford to spend more in the next 17 largest countries and then to take that money and some of it invest it and let's invest it in those things that america has to invest in to be competitive globally. >> i would say those same things to the candidate of my party. >> lloyd, has wall street, has business, done enough to push politicians towards better solutions? >> the answer to that of course, they have never done enough. wall street has been business in general, wall street in particular, finance in particular has been a bit under the gun and i think some reaction and -- shame on us to some extent -- has been to hunker douhunk er down and keep our heads below the parapit. i think we have the experience and competence to let people know what the consequences -- political s
's got a lot of dough, and hasn't released any tax returns, zero tax returns i think. what did you find out, anything? >> billion in a prior story, not this story, when we looked at earmarks we did find earmarks that was very close to his undeveloped property. >> right, i saw a nice deal here on a land deal in 1998, 700 grand. anyway, just wondered. >> right, exactly. we have a whole host of stories that we've done that look more at this intersection between their duties and their personal assets and that's -- >> that's the best way, not with a couple of, you know, stock tips in congress. i like it ben they do the earmarks, where they buy something and then maybe check the former speaker, too. anyway, right? kimberly, thank you. appreciate it. >> thank you very much for having me. >> all right, see you. >>> oh, it's me. coming up, this morning's top stories set to foreboding music. the rails for the white house, both hitting the campaign trail. former governors face off in the issues and former hp boss carly fiorina, why she calls the board a serial dysfunction, and not like cereal. you
tax dollar may be going to neighbors and banks for home sales? why someone here says it's time to get the government out of the housing market. that's all ahead on the "closing bell." if we want to improve our schools... ...what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ...nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let's solve this. >>> all right. we got more situations developing. yum brands out with earnings. to jane wells. she's got the latest on yum brands. over to you. >> yeah, maria. you had it right going into the break. they did beat the street on the bottom line, coming in at 99 cents, excludeing special items. that's up 19% from a year ago. the top line came in a little light. the street was looking for $3.65 billion. the real story is what's happening in china. they reported an operating loss in china last quarter. this time, as promised, they have returned to double-digit prof
that can bring these sides together in a compromise. the second point about fairness and tax, i think it was mr. bowles who said -- no, it was lloyd. he said, i'd pay more taxes, but they'd have to show they'd treat my extra money in a responsible fashion. amen to that. >> what do you think about the idea that if president obama got elected it would be easier to get a deal done because he would no longer worship the god of re-election? >> i think one thing that's missed by everybody is no matter who's elected, the math is the same. i think it's starting to don on romney there's no free lunch tax cuts. for obama, there's no free lunch from raising taxes either. they're both going to face, i think, very similar realities. as i like to say, the math is inexrabble. >> it isn't the same. the math isn't the same. i believe that if you do the right thing, you broaden the tax base, you take away the loopholes, i think that there is a nonstatic aspect. there's economic growth that can make up a difference, which is at the epicenter of that 5 trillion number. >> not just that, they both have ve
more money. >> any more progress on the tax issue? >> i don't. on the issue of benghazi, though it's unrelated, i told you this earlier. i saw the movie "argo" last night. it's coming out i think later this week. >> i say the previews. >> and it was fantastic. and given what's going on in the middle east and what's going on in the world today, if you have an opportunity to see it, it is worth going for friday night dates. it's hardly a date movie. >> ben affleck directed this movie. >> ben affleck directed this movie. star of "gigli." >> you know, if you gave him a seen, i don't think he could -- >> the guy is brilliant. >> i just hope he runs for office someday. >> has nothing to do with politics. it's the hostage rescue in iran. it's a terrific story. and ben affleck -- look, he had a history with j-lo and all that, but he is, i think, a pretty bright guy. and by the way, did that other great movie. more recently, he directed another great movie. >> "pearl harbor"? >> no, not "pearl harbor." >> what's the one in boston? >> "maid in manhattan." >> no. >> i know which one you're ta
. it is really that simple. mitchell: "the nonpartisan tax policy center concluded that mitt romney's tax plan would cost $4.8 trillion over 10 years." vo: why won't romney level with us about his tax plan, which gives the wealthy huge new tax breaks? because according to experts, he'd have to raise taxes on the middle class - or increase the deficit to pay for it. if we can't trust him here... how could we ever trust him here? oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty. here's your "honk if you had an affair with taylor" yard sign. looks good. [ male announcer ] fedex office. now save 50% on banners. [ male announcer ] fedex office. why they have a raise your rate cd. tonight our guest, thomas sargent. nobel laureate in economics, and one of the most cited eco
. >> there fore, a willingness to for example, allow taxes to rise to do a deal? >> maybe -- yeah, exactly. maybe a little bit more willingness to do a deal, more awareness of the real world financial market implication of what they are talking about barack obama might be in a dealmaking, he is thinking about his legacy and kick off his second term. >> hope they do a deal eamon, thank you very much. >>> you might think silicon valley is thousands of miles away from the political action in d.c. but new technology and new companies are having a big impact on this year's political races. cnbc's julia bore citizen joins wuss a look at what they are doing and how they are trying to, julia to cash in. over to you. >> well, simon, some of facebook's biggest backers, sean parker, ben who are wits and peter thiel are betting that it can change politics the way facebook changes the people interact. who a horowitz and packer are on a board of a company that sell seles communication via e-mail . >> general purpose, prime-time software product and deliver at this to the market in a nonpartisan way has taken a
to convince other countries to join them in setting up that transactions tax. they're two short of the nine needed to push ahead with the plan. malta is also tough. somebody was just meeting in luxemburg, which is a small place. i don't know if it's bigger or smaller than liechtenstein. >> have you been to luxemburg? >> no. you? >> no. >> several considering a transactions tax separately because an eu agreement appears impossible at this time. wow. i should say becky and then are you supposed to say thanks, joe. >> i was going to skip that part. >> at your own peril. >> thanks, joe. >> french man and american for developing and inventing methods for observing tiny particles without destroying them. which is nice. you don't want to while you're studying something destroy it. ground breaking experimental enable measuring and manipulation of individual quanti quantum subpoenas. not maybe the latest stuff with the god particle, very close to the unified theory, but very exciting. you need a big, big -- >> interaction between light and matter. >> how do they not break it? >> hard to believe that
in three years. and they're going to see higher taxes. that's a lump of coal for any anniversary. rather than focus on the negatives in alcoa, focus on the fact they have asian exposure, european exposure. focus on the positives. financial engineering is back in this market. some of the parts for a company like alcoa exceed the value. >> you're making excuses for alcoa even before the ceo comes on. i like that. bob, what do you make of the action? put it in perspective, five years compared to now. >> the dow jones industrial average went from 1500 to 750. that was cut in half. that certainly was a disaster. >> you mean the s&p? >> the s&p, excuse me, bill. nonetheless, bottom line is holding on from that point to here, you can say, yeah, does buy and hold still work? that's what everybody's interested in. i think the evidence is it certainly does, but you have to have long periods of time to look at it. i'm not so impressed that we're not anywhere where we were 12 years ago. if you invested on a regular basis from now through the bottom, i think you'll find you have not done so bad here,
70% of the price of a gallon of gas. there are other things, marketing, taxes, things like that. we don't know the cause but we know one thing, the oil companies fully integrated make more money when the price of gasoline is higher. so, it's certainly more than coincidental that the price of gasoline stays higher longer than the price of oil. there's no evidence to show that there's something -- that there's a legitimate effort by oil companies to keep gasoline prices higher. it is certainly suspicious and certainly profitable for the oil companies. >> sterling, what's going to get gas prices down? that's all people care about. they keep hearing oil prices are going down, yet they drive to the pump and pay $4.50 or $5 a gallon? >> well, you can work three end of it. you can work it, supply. you can work on demand. and we're doing both of those. and you can work it volatility, which is a huge, huge factor. as i said, gas -- most of the retailers in my area are independent retailers. they don't lock in long-term or can't lock in long-term oil/gasoline contracts. >> but how much -- >>
tax cut. that's not my plan." mitchell: "the nonpartisan tax policy center concluded that mitt romney's tax plan would cost $4.8 trillion over 10 years." vo: why won't romney level with us about his tax plan, which gives the wealthy huge new tax breaks? because according to experts, he'd have to raise taxes on the middle class - or increase the deficit to pay for it. if we can't trust him here... how could we ever trust him here? >>> it is time. it is time for the "lightning round." on cramer's you say the name -- >> buy, buy, buy! >> sell, sell, sell! >> when i play this sound -- [ buzzer ] >> -- and then the "lightning round" is over. are you ready, skee-daddy? let's start with dave in michigan. dave? >> caller: hey, jim, big detroit tiger boo-yah to you. >> nice. good luck. what is up? >> caller: hey, jim, agnc. i've got it in my retirement fund, and it's been dropping like a rock. and they're saying it's because of qe3. what do you think? >> look, there are issues involving the fact that these particular mortgage real estate investment trusts should not do as well in this particul
lowered tax rates -- >> oh, now you're jack kennedy. >> but all the headlines are about whether or not joe biden and paul ryan were being disrespectful through laughter and smirks. mostly joe biden. why isn't there more focus on the substance of the debate? that's next. >>> also ahead, defense secretary leon panetta says the u.s. is at risk of a cyber pearl harbor. who could be behind such an attack? how do we prevent it? that's later on the "closing bell." tdd#: 1-800-345-2550 when i'm trading, i'm totally focused. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 and with schwab mobile, tdd#: 1-800-345-2550 i can focus on trading anyplace, anytime... tdd#: 1-800-345-2550 until i choose to focus on something else. tdd#: 1-800-345-2550 trade at charles schwab for $8.95 a trade. tdd#: 1-800-345-2550 open an account and trade up to tdd#: 1-800-345-2550
. >>> there was laughing, interrupting and attacks from both sides during last night's vice presidential debate. taxes were a contentious issue during the economic portion of that. take a listen. >> there aren't enough rich people in small businesses to tax to pay for all their spending. and so the next time you hear them say don't worry about it, we'll get a few wealthy people to pay their fair share, watch out middle class. the tax bill is coming to you. >> andrea saul is the national press secretary for the romney campaign, joins us from campaign headquarters in boston. andrea, good morning. great to have you. >> good morning, thanks for having me. >> let's get the style out of the way. right? because that's what everybody wants to talk about. it's the easiest to relate to. it didn't take long for the rnc to put together an ad compiling all of biden's laughter moments, which people have talked about a lot last night and today. it's been said, if you're going to argue or complain about the style, you lost on the substance. why isn't that true? >> it's not about the style. the reason that vice prest biden
around 11 times 2013's taxes. by the way, that number is still 40% roughly below '06 levels just to put that in some perspective. >> housing prices are at 40% -- >> even though the exit multiple in '07 was only 12.7 times. it is coming back at 11 times. >> we are showing the screen there and the way you read that, priced at $27. as time goes on and it is closer for this thing to go live, that should narrow. >> people want to play a return in housing. from 500,000, 600,000 starts going back to maybe a million, transactions that were major part of the gdp. using this as the proxy, right or wrong -- >> that's right. this company benefits from increases in price and volume. more transactions at a higher price, and that is the positive. that's why you would want to own this stock. it is worldbank or century 21. it is also nrt. they own a lot of smaller real estate brokerages. they also have a title business but those are the keys and it is a pure play. and hence, $32.35 right now. >> what does it say for banks that own so many homes? what does it say for fannie and freddie? this is a stock p
depending on which way the electorate goes, you're going to see the deficit reduced either by tax increases or public spending cuts or a bit of both. and i do think the intrenched positions you've had the last year and a half will in the send cause someone to blink, either the administration or congress because ultimately neither will want to push the u.s. into an unnecessary recession next year. the answer is, yes, i expect some compromise. may seem foolish given the behavior of washington in the last few quarters. but having said that, i do think you're going to see some compromise. and ultimately, although it has hurt the market, it won't be too much of a negative going into next year. >> some may argue the more important elections in the next few weeks are the spanish regional elections on the 21st, which may trigger or allow spain to then ask for a bailout. do you think that's the event to watch as opposed to -- earnings season is great, it's not going to be a headwind in your view. but do we really need spain to request a bailout in order for us -- the equity markets to move higher he
? they are still worried about carbon taxes. they have to take the carpet tax up before the carbon tax. >> i gotcha. >> the carpet tax. >> animal crackers? >> no, no. >> duck soup? oh, man, is that terrible. >> part of the imf forecast, jim, bringing the numbers down for the global economy has been austerity does not work. >> it doesn't work. but that's paul crudeman who says it. i pet you paul crudeman believes in the 7.8 number, the big phony number. i bet you crudeman believes in it. how is that the focus of the discourse? i'm trying to make it alcoa. look, the imf is saying the obvious. the world bank is saying the obvious. if you continue to call for austerity you can't get growth. it's like, look, you want growth or want austerity. lyndon johnson, guns and butter equals inflation. if you just -- they are not doing guns or butter. if they are not doing margarine, they aren't doing machine guns. >> then you start again but they can't do that. >> we are devalued better than they are devalued. >> you would think we would be but the dollar is much stronger given anticipation of where rates are. >>
why is easy -- jobs and its taxes. but when you saw these doors open earlier today, thousands of people streamed in within minutes. obviously there is a lot of demand of what's going on here. they're here for one thing and one thing only -- that's to gamble. one-third of all the money made to penn national gaming goes back to the state and city in taxes. the city of columbus expects to get at least $15 million directly next year and that will go a long way. of course, interestingly when you spoke to t i spoke to the city's mayor today, he was just as focused on job creation. the city needed 3,500 workers to build it and 2,000 employees . >> the more jobs you have in a community, the more income there is to the city. >> ohio's considered a swing state. right? but unemployment here has been running well below the national average. we look at a few dealers doing their thing here. been below the national average for a while. looks like today a lot of people played hookie. at least 5,000 people have been here. there are a few notes of caution. number one, the two casinos that were
to make sure this country continues to live within its means and at the same time has a tax system that attracts international businesses to britain p. and one of the encouraging stories is 20 of the largest companies are moving some of their head quarters to the uk. >> but low yields aren't giving us growth. >> all western countries are facing the issue of how they pay their way in the world and how they grow. if you look at the uk, a million jobs in the private sector over the last couple of years and we'll go on making reforms to our tax system to make this the competitive place to come and do business. >> meanwhile britain's largest businesses are adopting more defensive strategies. this is one of the latest findings of the deloitte cfo service. they were asked what their views are on the current operating environment. joining us with more, chief economist at deloitte. good to see you. i suppose we had a record second quarter of declines. >> confidence went through the floor back in june on the result of what's going on in the euro area. you've seen a bit of a bounce. risk appe
taxes. can they actually reform the economy. that's the big unresolved questions. >> how close is greece being in an unsustainable position? they have moved in the right direction to n. regard to labor costs. is that enough of a difference? >> i think it matters a lot to their position now the debt has changed the nation and becomes more political and less of a market issue. so i do think at some point there will be a plig group to show that they can sustain and for the europeans to realize that 180% debt to gdp is not sustainable at any point in the future. >> just a programming note, coming up, we will be joined by former greek finance minister geor george. and take a listen to what he had to say at the height of the greek crisis. >> we never asked nor are expecting any kind of a bailout. rear reducing the civilian growth program. it's a front loaded program. >> we want basically a loaded gun to be on the table and hope we never have to use it. >> we're fully aware that this is a program that is not going to be easy. it is pot going to be easy on greek citizens despite the efforts that
due in january 2014, chances are he's not going to be asked back. however, with lower taxes, you'll have people going out to spend money. that helps earnings. that helps the fundamental argument. stocks are going to do great either way. >> debra, what do you think? >> i would tend to agree that if we have obama staying in that the market will be under pressure next year because now they're not worried so much about re-election. they don't have to worry so much about making friends with everyone, that they can go back to doing what maybe they need to do, which is back off on the fed. if we lose that fed juice, then the market could pull back. but that's next year. i think right now going into the end of the year, i think the market's going to do quite well. >> you're not worried about the fiscal cliff? some people have -- goldman sachs and morgan stanley have specifically looked at the fiscal cliff and said it's decidedly problematic for the fourth quarter and the s&p could fall from here. >> that's if the fiscal cliff happens. i really don't think they're going to let that happen
to raise taxes and close loopholes. uh got to have all the three working in concert to de-leverage out of the system we are in. $40 billion makes sense to me. qe3 makes sense to me up to a point. i did note in the minutes that i would read from the minute that is if unemployment is above say 6.5% and inflation is below 3%, you're going to continue to see qe3 from one month to the next, but one you are getting close to the numbers they will start to shut it down. $40 billion a month will inflate the monetary supply by 15% a year. that's not something we are accustomed to seeing. we are de-leveraging but at some point inflation creeps into the process. >> tom, what about the civil suit that we saw this week, the civil suit by new york state attorney general against jpmorgan chase, they are alleging widespread company by the bear stearns business by the sale of mortgage-backed securities back in 2008. first, do you think this is a day late and dollar short and is it fair to target jpmorgan chase since they were forced to acquire the company during the financial crisis? >> it is always tou
strategic alternatives around its banking unit, yeah, it's a tax prep company but they also have a bank and essentially the ceo is saying listen, with dodd-frank's new higher capital ratio requirements, it's going to eat into profitability and it may mo longer simply make sense to own a bank, so they've hired goldman sachs generally when companies do this, guys, as you know, stocks tend to go up. not the case with hrb, that stock is down 5% today, kind of like my mood. back to you. >> oh, it's going to get better. can't get any worse, brian. >> yes, it can. >> thanks a lot. >>> one ceo sent quite the surprising e-mail to employees if president obama is elected he'll have to lay off workers and downsize his entire company. who could it be? up. a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million people while investing billions improving everything from booking to baggage claim. we're raising the bar on flying and tomorrow we will up it y
is on pace to earn $15 billion in profits this year. the sector accounted for 14% of new york state's tax revenue in fiscal 2011. still the findings of that survey contrast with the results of a survey by efinancialqueries.com. hedge fund and asset management employees are among the most optimistic. bob, are they delusional? >> if they're going to do it on the basis of hedge fund performance, they probably are. of course, we're talking about the big investment banks here. i suppose that we'll have to see what the share of computation is to total revenues, which is i think the measure that tells you -- and the banks are trying to get that ratio down. the banks that succeed in getting the ratio down are better placed. so the pressure is on employee compensation, including the bonuses, in order to keep banks profitable. there isn't much lending growth. >> what about hedge fund, though? especially as talent migrates out of banks, perhaps towards these funds, that just haven't put in the numbers so far this year for the most part. >> no, they haven't. so if professionals in investment banks th
is expected to hone in on mitt romney's comments about the 47% of americans who don't pay income taxes and expect government support to see you ryan likely to reiterate his argument that the u.s. can't afford another four years of president obama and the debate comes as a new poll shows the president and romney are neck and neck in two swing states, virginia and florida to see you obama still has a small lead in ohio to see you. >> so while the latest polls may show a tight race, there's another one that some folks think is more important, yes, it is the 7-eleven indicator to see you it's selling coffee in democrat blue cups with obama's face and republican red featuring romney to see you the tally shows customers favor obama by 60/40 margin to see you the 7-eleven indicator has correctly predicted the winner of the last three u.s. elections to see you. >> i'm not sure that's a huge sample set to see you. >> have they only run it in three elections? >> good question to see you what's interesting, jetblue for its part is also getting in on the presidential election saying that if your c
in the limited partnerships, high yield without tax headaches. do you recommend picking up some of linn? >> you know, when i first looked at it it was terrific. i wanted to see where it was priced, where it trades. i don't want to say, yeah, it's good or bad. these are about price. as i have learned too well with some of them that were -- that looked cheap for me but it turned out to be overprized. let me come back. john in oregon, please. john? >> caller: hey, jim. boo-yah from western oregon. i have a question about the home construction. do you think the nice ride that we have had on residential construction is over with or not? >> this is a group and i was doing work on toll brothers. they have big spurts, then slam downs. everyone says it's over in the slam down and you should be a buyer not a seller. you want to get it, try these hot list momentum stocks. remember, no guarantee they won't go down. . >> announcer: lightning round is sponsored by td ameritrade. [ bell ringing ] >> it is time. it is time for the lightning round. you say the name of the stock. i don't know the calls or the na
of extra goodies, like tax incentives, years of marketing exclusive ift, but best of all, when you have awe drug that treats an ultra rare often lethal condition with no known cure like alexion does, there's basically no limit on how much you can charge for the thing. after all, what price can you put on a human life? alexion is working hard to answer that question because solaris may be the single most expensive drug on earth. a year of treatment can cost more than a half a million dollars. that's why even though not very many people have the blood disorder, solaris is already a billion dollar drug, and at the end of last year it got fda approval for an extremely rare kidney disease that can be deadly. ever since solaris got fda approval back in 7dz, it has been beating the street's expectation. how big could the drug be? for pnh solaris could be $2 billion in sales around the world. this kidney disease could mean an additional $900 million in sales, and plus a treatment for a number of other diseases, and the data on each of these are pretty darn good. altogether they could be worth as mu
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